Results 23,881-23,900 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: You see, if you were - and this is speculative now - but if you were called into the meeting, into the room, when the decision was being trashed out and if the Taoiseach turned to you and asked you, "Mr. McDonagh, what is your view in terms of what we should do and justify your view?" What would you have said to the Taoiseach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: You were outside the room for four hours, knowing that at any minute you could be called in.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Mr. McDonagh, the NTMA refused to place deposits at a certain stage in 2007 with Nationwide and Anglo, or renew the Anglo deposits and only did so under direction from the Minister for Finance. Who made that decision within the NTMA? Not actually, who authorised it eventually, but who said, "I think we shouldn't do this"? Who was it personally instigated it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: And you say in your opening statement that it was not an easy decision to justify. Did you have to justify this decision to anybody outside of the NTMA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Mr. McDonagh, the State injected €20.7 billion from the National Pensions Reserve Fund into AIB and Bank of Ireland. Dr. Somers will tell us later that, in 2009, the discretionary portfolio was making a return of 20.6%. Have you any indication of what type of return that €20.7 billion that went from the National Pensions Reserve Fund into the banks could have made, in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Just explain that to the layperson who doesn't follow the Dow Jones.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: So the €20 billion investment, if it stayed within the National Pension Reserve Fund could have increased by about 50%?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Okay. Mr. McDonagh, the committee has heard evidence with regard to the bail-in strategy developed by the NTMA in March 2011 and I appreciate you weren't with the NTMA at that time. With regards to your time with the NTMA, was there any discussion around possible bail-ins or hair cuts for senior or subordinate bondholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: And can you talk to us what ... there was a bail-in then developed later on in 2011. It was as they ... the justification was we were going into a programme, we were out of the markets for a number of years. Can you talk to the narrative about that ... if you burned the bondholders, that the markets would be waiting to punish you in the long grass. Is that not the way that markets work or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Okay. We were ... you were dealing with Senator O'Keeffe in terms of the e-mail asking your opinion on if they went with the ... one of the options, which wasn't the option they eventually went with, and how much it would cost the State in terms of bond yields rising. Do you have any estimation as to the cost to the State of actually the decision on the guarantee in terms how much extra it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Okay, my final question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: It's a technical question that I'm interested in and when ... and, again, I know that you weren't involved with the NTMA at the time when the Government sought a bailout or a programme of assistance from the troika. At the time there was certain newspapers internationally saying that we shouldn't panic in terms of the yields because there was a very low level of trading on the bond market...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Go raibh maith agat. Can I ask you, Mr. McDonagh, that, we've had evidence to the committee and the evidence suggests that the length of time that it took NAMA to undertake the loan valuations, that that caused problems in itself. And I recall you recounting just the length of time that it took you just to deal with the first tranche of loans and the haircut that came from that. Can you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Okay, so six and a half months, and that's for the entire ... so the Financial Regulator had the power to go in and look under the bonnet, to do on-site inspections and do loan-by-loan analysis, send in a team as such. In your view, if there was, given your experience from NAMA and bearing in the mind that the Central Bank wouldn't have to wait for European approval and all that, how long...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Three to four months.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: To look at the top 50 borrowers.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Pearse Doherty: Okay. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Go raibh maith agat, a Chathoirligh. Fáilte arís an tUasal Cowen. Can I ask you, Mr. Cowen, when did you first become aware of ... that the wholesale borrowing situation presented a systemic risk? And how was this risk relayed to you and by whom was it relayed to? Can you tell the committee, like, what was the earliest point in 2008, or before, that this issue was discussed by...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Okay.